Exact(1)
Economies biased towards debt are more prone to crises, because debt imposes a rigid obligation to repay on vulnerable borrowers, whereas equity is expressly designed to spread losses onto investors.
Similar(7)
At least some of this was predicted by Edmund Burke, who suggested that democracies tend toward "shamelessness" in social life, partly because all hierarchies and rigid obligations are dissolved.
Great lords on either side had followings known as "affinities", comprising people on formal retainers as well as those under less rigid obligations.
Because of the rigid payment obligation, it is very difficult to manage the repayment process efficiently.
In place of rigid feudal obligations, he posited an order based on more-universal human relationships (such as that between father and son) and taught that ability and moral excellence rather than birth were what fitted a person for leadership.
The Borrower's Payment Obligation Is Rigid: Perhaps the feature that causes the most problems is the absolute rigidity of the payment obligation.
"But if there is no deal, and if we see that Germany remains rigid and wants to blow apart Europe, then we have the obligation to go to plan B. "Plan B is to get funding from another source.
They criticized a lack of independent postdoc research positions in Germany, rigid service regulations at the universities, and time-consuming teaching obligations for university research staff, as well as the absence of an international spirit in the higher education system.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com